With the increase in SHIB whale activity, the price of Shiba Inu Coin could rise by 300%, which is a positive development for the second-largest meme coin by market capitalization. Other on-chain indicators have also brought good news for SHIB, suggesting that its bull market could start at any time.
Shiba Inu's price is expected to rise by 300%
In a post on X, cryptocurrency analyst Javon Marks predicted that the price of Shiba Inu Coin could soon rise by 300%. Meanwhile, he noted that the top meme coin is still in the confirmed Hidden Bull Divergence stage and is maintaining above the recently broken levels.
In line with this, the analyst stated that SHIB may be preparing for a performance at the 'next level,' which could push its price to a target of $0.000081. He added that a rise of over 300% may be imminent.
The significance of Shiba Inu's price rising to the target of $0.000081 is crucial, as it may pave the way for the second-largest meme coin to reach and possibly exceed its current all-time high (ATH) of $0.000088. Meanwhile, considering that meme coins are currently catching up to the strong momentum of DOGE, a rebound for SHIB seems imminent.
In the past seven days, the price of Dogecoin has risen by over 23%. Meanwhile, SHIB recorded a single-digit increase of just over 5% during this period. Shiba Inu is expected to see more significant gains soon, as it typically reflects the price movements of DOGE.
IntoTheBlock data shows that activity among Shiba Inu whales is increasing. Large transactions of SHIB have surged nearly 4%, indicating that whales are actively accumulating the meme coin.
Considering that these whales often contribute to price discovery and may soon trigger a significant rise in SHIB, this presents a bullish outlook for Shiba Inu's price. Over the past few days, these whales have traded trillions of SHIB tokens.
Specifically, these whales traded 2.57 trillion SHIB tokens in the past 24 hours, while on November 6, their trading volume reached the highest level in seven days at 6.39 trillion SHIB tokens. Amidst the increasing activity of these whales, it is worth mentioning that on-chain transactions show that one whale transferred $10.4 billion worth of SHIB to the Coinbase cryptocurrency exchange.
This usually indicates a bearish outlook for Shiba Inu's price, as it suggests that whales are looking to sell their tokens. However, further on-chain data shows that the wallets receiving the tokens belong to top cryptocurrency exchanges, which means they are accumulating to meet the massive demand for the meme token.
According to a recent analysis by CoinGape, other on-chain metrics for SHIB have also brought a bullish outlook for Shiba Inu. This includes the divergence between SHIB's price and the Daily Active Addresses (DAA), which recently soared to its highest level in a month.
